Tel-Instrument Electronics Corp. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2017; Provides Earnings Guidance for the Year 2018
For the year, the company reported net sales were $18,745,456 against $24,804,825 a year ago. Loss from operations was $2,371,931 against income from operations of $2,579,920 a year ago. Loss before income taxes was $2,115,324 against income before income taxes of $1,856,121 a year ago. Net loss was $4,759,439 or $1.49 per basic and diluted share against net income of $1,004,153 or $0.31 per basic and diluted share a year ago. The decrease in sales is mostly attributed to the decrease in shipment of the U.S. Army TS-4530A KITS, CRAFT and ITATS units associated with the U.S. Navy programs, which contracts have now been completed. This decrease was partially offset by the shipment of the TS-4530A SETS and CRAFT units sold to Lockheed Martin for the Joint Strike Fighter (JSF) program and to other customers.
While the fiscal year 2018 revenues are predicted to decline substantially from 2017 levels, the company forecasting a modest operating profit as the expected reduction in sales should be partially offset by a continued increase in gross margin percentage. The company also forecasting increasing revenues and profitability in fiscal year 2019 when the international and F-35 Mode 5 sales are expected in volume as well increasing sales from new hand-held products.